Oil Rallies After Poor Open

Oil prices started Wednesday trade in Asia lower, extending the slide from late on Tuesday, when an industry report of a surprise U.S. crude inventory increase stopped the rise in prices earlier in the day. The American Petroleum Institute (API) on Tuesday reported a build in crude oil inventories of 806,000 barrels for the week ending July 16, bringing the total 2021 crude draw so far to a hair under 50 million barrels, using API data.    However, the API report of a rise in crude stockpiles contrasts with analyst expectations of an…